CAS Evaluation & Credentialing Process 3 — Questions and Answers
Question 1: Which of the following best describes the role of the CAS Examination Committee?
- Setting membership dues and fellowship fees
- Developing exam questions, maintaining the syllabus, and overseeing exam administration (Correct answer)
- Adjudicating disciplinary cases against Fellows
- Approving VEE course providers
Correct answer: Developing exam questions, maintaining the syllabus, and overseeing exam administration
The Examination Committee is responsible for creating and maintaining exam content and overseeing the administration process.
Question 2: A candidate who earns ACAS status and then fails to complete Fellowship requirements within the required timeframe may face which outcome?
- Automatic upgrade to FCAS
- Revocation of ACAS status after a defined grace period
- No consequence; ACAS is a permanent credential (Correct answer)
- Mandatory retaking of all preliminary exams
Correct answer: No consequence; ACAS is a permanent credential
ACAS is a permanent credential; there is no time limit imposed by CAS requiring completion of FCAS after earning ACAS.
Question 3: The CAS requires candidates to complete the Course on Professionalism (COP) as part of Fellowship requirements. When must this be completed?
- Before sitting for Exam 5
- Before the candidate can be admitted as FCAS (Correct answer)
- Within one year of earning ACAS
- At any point during a 10-year window after ACAS
Correct answer: Before the candidate can be admitted as FCAS
The Course on Professionalism must be completed before a candidate is admitted to Fellowship (FCAS).
Question 4: What does 'exam sitting' refer to in the context of CAS credentialing?
- A formal interview with a CAS examiner panel
- A scheduled administration window during which a specific exam is offered (Correct answer)
- A mandatory study session required before registration
- The seating arrangement policy at Prometric test centers
Correct answer: A scheduled administration window during which a specific exam is offered
An exam sitting refers to the scheduled period during which candidates may take a particular CAS exam.
Question 5: Which organization co-administers the preliminary actuarial exams jointly with CAS?
- American Academy of Actuaries (AAA)
- Society of Actuaries (SOA) (Correct answer)
- Conference of Consulting Actuaries (CCA)
- International Actuarial Association (IAA)
Correct answer: Society of Actuaries (SOA)
CAS and SOA jointly administer the preliminary exams (Exams P, FM, and others), which are shared requirements for both credential pathways.
Question 6: Under the CAS Code of Professional Conduct, a credentialed actuary who discovers a material error in work they previously signed off on is required to:
- Immediately resign from their employer
- Notify the principal and take appropriate corrective action (Correct answer)
- Report the error to state insurance regulators within 24 hours
- Request that the work be destroyed to avoid liability
Correct answer: Notify the principal and take appropriate corrective action
Actuaries must promptly notify the appropriate principal and take steps to correct material errors in previously issued work.
Question 7: Which of the following is NOT a VEE-approved topic area required for CAS Fellowship?
- Economics
- Applied Statistical Methods
- Corporate Finance
- Actuarial Mathematics (Correct answer)
Correct answer: Actuarial Mathematics
The three VEE topics are Economics, Applied Statistical Methods, and Corporate Finance; Actuarial Mathematics is covered through the exam syllabus, not VEE.
CAS Evaluation & Credentialing Process 3
Which of the following best describes the role of the CAS Examination Committee?